How to Pay for an Assisted Living Facility
Assisted living is expensive, whether you choose an all-inclusive community or an a la carte community, where food and services cost extra. Most government-assistance programs do not offer a stipend for assisted living communities, so it can be difficult to pay for them. Planning for your assisted-living financial needs early is one way to afford assisted living when you need it. Find several different sources of payment to help you fund the total cost of assisted living.
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Instructions
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Purchase long-term care insurance immediately if paying for assisted living is a future concern, not a present concern. Read any potential policy paperwork carefully to see when the coverage kicks in and to be sure it doesn't have a limit on when it can be used. Find long-term care policies by visiting local insurers and requesting quotes.
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Use Medicare payments if you're homebound, meaning that you can't leave the assisted living care facility easily. Prove that you need skilled nursing care to qualify for the Medicare Home Healthcare Benefit. It only covers short-term care or for care needed less than six days per week, but it can reduce your overall debt to the assisted living facility.
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Ask the assisted living facility you're interested in if it offers a limited-payment option for people with Supplemental Security Income (SSI). Since the SSI payment is so low, some states require assisted living facilities to offer this option to clients.
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Ask the assisted living facility if a prepayment option is available. It may accept monthly payments over a period of years so you can live there once you're unable to live on your own.
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Sell any available assets and cash in bonds. If you've been saving for retirement, now is the time to use the money. Continue looking for assistance or other living arrangements to make the situation feasible in the long-term.
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References
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